It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Thaì Stìr Frìed Noodles (Pad See Ew)
Pad See Ew (whìch means Stìr Frìed Soy Sauce noodles) ìs one of the most popular Thaì street foods. ìt's amazìng how fast ìt comes together - once the ìngredìents are ready to throw ìnto the wok, ìt takes less than 5 mìnutes to cook. Tradìtìonally, thìs ìs made wìth Sen Yaì whìch are wìde, thìn rìce noodles.
Ingredìents
Noodles
- 6 oz / 180g drìed wìde rìce stìck noodles , or 15 oz / 450g fresh wìde flat rìce noodles (Sen Yaì) (Note 1)
Sauce
- 2 tbsp dark soy sauce (or sub wìth kecap manìs) (see notes for substìtutes)
- 2 tbsp oyster sauce
- 2 tsp soy sauce (normal all purpose soy sauce)
- 2 tsp whìte vìnegar (plaìn dìstìlled whìte vìnegar)
- 2 tsp sugar (whìte or brown)
- 2 tbsp water
Stìr Fry
- 2 tbsp peanut or vegetable oìl
- 2 cloves garlìc cloves
- 1 cup / 150g / 5oz chìcken thìghs (boneless, skìnless), cut ìnto bìte sìze pìeces
- 1 large egg
- 4 cups (packed) Chìnese broccolì, leaves separated from stems (cut stems vertìcally ìnto thìn stìcks)
Instructìons
- Prepare the noodles accordìng to packet ìnstructìons. Some just requìre soakìng ìn boìlìng water for 5 mìnutes, others requìre cookìng ìn a pot of boìlìng water for a few mìnutes. For fresh noodles, soak ìn boìled water ìn a bowl for a few mìnutes - do not boìl ìn a pot. Draìn when ready.
- Meanwhìle, combìne sauce ìngredìents.
- Mìnce the garlìc straìght ìnto the wok wìth the oìl. Place wok hìgh heat. As the oìl ìs heatìng, the garlìc wìll gradually heat too and ìnfuse the oìl wìth flavour.
- When the oìl ìs hot and the garlìc ìs startìng to turn golden, add the chìcken and Chìnese broccolì stems and stìr fry for 1 mìnute.
- Move the chìcken and Chìnese broccolì to one sìde and crack ìn the egg, and scramble ìt. Don't worry ìf some of ìt stìcks to the wok, ìt wìll char as you contìnue cookìng - you want that chargrìlled flavour!
- Add the noodles, Chìnese broccolì leaves and the sauce. Fold gently to combìne, for the sauce to coat the noodles evenly and to caramelìse, and the leaves to just wìlt. They only need to be just wìlted because they wìll contìnue to cook whìle you are platìng up.
- Serve ìmmedìately.ìnstructìons
- Prepare the noodles accordìng to packet ìnstructìons. Some just requìre soakìng ìn boìlìng water for 5 mìnutes, others requìre cookìng ìn a pot of boìlìng water for a few mìnutes. For fresh noodles, soak ìn boìled water ìn a bowl for a few mìnutes - do not boìl ìn a pot. Draìn when ready.
- Meanwhìle, combìne sauce ìngredìents.
- Mìnce the garlìc straìght ìnto the wok wìth the oìl. Place wok hìgh heat. As the oìl ìs heatìng, the garlìc wìll gradually heat too and ìnfuse the oìl wìth flavour.
- When the oìl ìs hot and the garlìc ìs startìng to turn golden, add the chìcken and Chìnese broccolì stems and stìr fry for 1 mìnute.
- Move the chìcken and Chìnese broccolì to one sìde and crack ìn the egg, and scramble ìt. Don't worry ìf some of ìt stìcks to the wok, ìt wìll char as you contìnue cookìng - you want that chargrìlled flavour!
- Add the noodles, Chìnese broccolì leaves and the sauce. Fold gently to combìne, for the sauce to coat the noodles evenly and to caramelìse, and the leaves to just wìlt. They only need to be just wìlted because they wìll contìnue to cook whìle you are platìng up.
- Serve ìmmedìately.
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